D. Additionally, the regional transit agency, the Shenzhen Metro Corporation (SZMC), acted as a pivotal stakeholder: around the a single hand, the SZMC represented the Shenzhen municipality, contributing to 27.43 with the total investment (the shares held by the provincial sector); alternatively, the SZMC also engaged in the two above-station property development programs in collaboration with all the government and private developers–the HBC Huilong center plus the Huide Tower [34]. With this factual proof, an “R P” model was then regarded as the logical solution to fund the rail development. 4.2. Cooperative Power Direction in Land Worth Capture As a result of involvement from the state and provincial sectors in HSR financing, the worth capture mechanism really should be modified to allow for inclusive worth creation and worth sharing among all stakeholders, in particular from a single municipality to cross-government level [10,13,23]. In this regard, the SZMC attempted to ally with diverse stakeholders. Inside the HBC Huilong center project, the SZMC collaborated using a top domestic house developer, the Vanke Enterprise, to co-develop real estate in synchronization with the railway project. This arrangement is analogous to Japan’s joint development model to improve the integration involving rail stations and real estate projects (Sina News 2016, interview with Tan Huajie, Senior Vice President of Vanke Enterprise. Inside the joint venture, the MTRC holds 51 on the total capital. (http://finance.sina.com.cn/roll/2016-07-04/) (accessed on 7 March 2021)). Within this collaboration, the Vanke offered a whole package of expert solutions right after getting the land parcel, including design, building, and home (Z)-Semaxanib Formula management, offering vital enable to shorten the house improvement procedure (interviewee 1, project manager). Within the Huide Tower project, a joint venture having a state company–the China Railway Group limited (CRG)–was established to capture worth for state-owned enterprises (interviewee 1 and 2: project manager, senior real estate agent), in which the shares held by the SZMC also reached 51 [35]. The SZMC retains a flexible and negotiable connection in sharing land profits with the Shenzhen municipal government. As a subsidiary below the Shenzhen State-owned Assets Supervision and Administration Commission (SASAC), the SZMC can smoothly acquire the land parcels by means of equity investment from the SASAC [18]. One particular feature inside the R P practice in Shenzhen is the fact that the SZMC shoulders government obligations in supplying public housing because it is capable to assume greater monetary dangers with government backup [34]. In comparison towards the practice in Hong Kong, genuine estate improvement in Shenzhen is very much a cross subsidy in the government for railway and public housing construction–when house improvement fails to fill the monetary gap for railway building and operation, the SZMC receives government subsidies to mitigate operation deficits; otherwise, when the government considers that the profit margin in the SZMC is also high for the duration of a genuine estate surge, the SZMC is asked to spare a portion of creating units as public housing [29]. The houses will be allocated by Shenzhen government and be rented at a subsidized cost to PHA-543613 medchemexpress specific groups who’re eligible for specific “affordable housing” applications [36]. As an illustration, Yang et al. [29] reviewed thirteen R P projects in Shenzhen, finding that six of them had been involved in public housing provision. four.three. Ac.